Before the bell, Reed’s announced that they will be launching diet versions of their Virgil’s Root Beer and Cream Sodas in the second quarter of 2007.
The founder and CEO, Chris Reed, stated that he is extremely excited to announce the addition to the company’s existing lineup. He continued by saying that the new diet line will allow them to reach a larger audience, expand their distribution network, and lead the company to higher growth figures for 2007 and beyond.
Flavors will include Virgil’s Cream Soda, Black Cherry Cream Soda and Root Beer; all sweetened with Splenda. Mainstream supermarkets and warehouse clubs such as Costco Wholesale Corp. will distribute the products.
In conclusion of the press release, the company pre-announced sales for the fourth quarter and year ended on December 31, 2006. For the quarter ended on December 31, 2006, sales increased 10.1% to $2.6 million. For the year ended on December 31, 2006 sales were $10.5 million, a 10.7% increase from $9.5 million from the previous year.
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